Rent or buy? It is a question many Orange County apartment dwellers ponder every year, and most don’t factor for commute times when they decide where to live next. Living in an apartment is great for a variety of reasons, but the most obvious is – Location, Location, Location. Homes and neighborhoods tend to be further away from the business centers of Irvine, Costa Mesa, and other business locales. Apartments on the other hand, are generally within close proximity to business districts, which means you will enjoy shorter commute times.
Driving in Orange County tends to be a non-event on the weekends, but during the workweek traffic can quickly pile up. What should be a 10 or 15-minute drive could quickly become a 30 minute commute home.
Here are our reasons for renting vs. buying in OC:
Location, Location, Location:
We can’t stress this one enough; apartments tend to be closer to business areas so commute times tend to be very short. Not to mention, in most downtown areas there are great museums, parks, restaurants and other attractions that cater to both singles and families! It’s always nice to be able to walk to dinner and then walk home without having to worry about your car!
Hint: Do you work in Irvine? Check out Park Place Apartments in Irvine, which is an apartment community that is just off of Jamboree near a multitude of businesses, if you’re looking to move closer to work.
When you rent, you’re not tied down to a single location. You’re free to move as soon as your lease expires – actually you could even move sooner if you’re willing to break your lease. If you’re renting month – to – month, you can usually move with as little as 30-days notice. When you own, you can’t move until you sell your house, a process that can often take months even in the best of markets.
Moving into an apartment usually requires just the first and last month’s rent and a security deposit. If you’re purchasing a home, you will need to have at least a 20% down payment otherwise you will be hit with PMI insurance. Also, when you own a home, you will always run the risk of the house depreciating and losing all of your equity.
Another great thing about living in an apartment is you will likely be surrounded by people who are in similar stages of their lives (Singles, Newlyweds, Growing Families, and more). People in apartment communities tend to be more open and willing to “meet the neighbor”.
Property maintenance and major repairs are usually the responsibility of the landlord. When you own, you take on more financial responsibilities, even if your property is part of a condo or homeowner’s association.
Time Is Money:
For many people who work in Orange County, the only way to find affordable real estate is to move to distant communities, which adds a considerable amount of time to their commute times. As the old saying goes, “time is money”, sometimes the trade-off just isn’t worth it.
Whether you own or rent now, making the transition to renting in OC is an easy way to quickly shorten your commute and simplify your daily life.
Do you have other reasons for renting? Let us know by commenting below! If you work in Orange County and want to live as close to work as possible, renting is usually your best option. To find an apartment that fits your commuting and lifestyle requirements, check our apartment’s page and search using the map to find what works best for you!